The Futian Free Trade Zone (FTZ) will be upgraded soon in order to be re-positioned as a key component for the economic zone along the Shenzhen River, along with the Huanggang Checkpoint area and the Lok Ma Chow loop area.
With the development of the three areas, the Shenzhen River economic zone is expected to play a larger role in the strategic development of the Guangdong-Hong Kong-Macao Greater Bay Area, the Shenzhen Municipal Economy, Trade and Information Commission announced recently.
The Futian FTZ accounted for 14 percent of the city’s total foreign trade volume last year, although the industrial park only covers a small part of Shenzhen. The area also completed a total fixed asset investment of 1.58 billion yuan (US$236.93 million) last year, ranking high among the 16 key areas in the city.
In particular, manufacturing industries have been growing in the Futian FTZ in recent years. The value generated by advanced manufacturing industries settled in the area made up as much as 99.4 percent of the total industrial output in 2016.
Currently, all of the cross-border e-commerce policies have been implemented in the Futian FTZ and the economy, trade and information commission said they are collaborating with Customs to speed up the renovation and construction of supervising facilities there.
In a bid to bring more appropriate upgrades to the FTZ, the authority has conducted a large amount of research and discussed possible solutions.
During the “Two Sessions” this year, Lin Chongshun, a deputy of the Shenzhen Municipal People’s Congress, proposed that Shenzhen speed up the upgrading of the Futian FTZ so as to catch up with the fast-changing economic trends around the area.
To make work more efficient, Lin suggested that the municipal government authorize the Futian District Government to take over the project while providing guidance and help.
In a response to Lin’s advice, according to the economy, trade and information commission, all districts and new areas in Shenzhen are now authorized to implement urban renovation work. The commission stated that what the Futian FTZ is facing is the challenge to better use the limited land and abundant urban renovation work in later stages.
In particular, the commission elaborated that it would be responsible for the FTZ’s development of industries, while the district government would take over the responsibilities of urban and social management.
In the recent announcement, the commission also disclosed that it is now taking further steps to explore the development of a larger area that combines Futian FTZ, the Huanggang Checkpoint area and the Lok Ma Chow loop area, aiming to actively join the national development strategy of the Greater Bay Area.
Experiences in the Qianhai and Shekou Area of the China (Guangdong) Pilot Free Trade Zone will be studied and referenced in the upgrading of the Futian FTZ, according to the commission.
